Exodus taps Bitcoin holdings to fund $175M move into onchain payments
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Exodus is using its Bitcoin reserves to back a $175 million acquisition of W3C Corp, bringing Monavate and Baanx under its roof as it expands into onchain payments.
Crypto wallet provider Exodus plans to use its Bitcoin reserves to finance a major push into onchain payments, striking a $175 million deal to acquire W3C Corp, the parent company of payment infrastructure providers Monavate and Baanx.
The agreement, announced on Monday, marks a major shift in strategy for the NYSE-listed company. By bringing Monavate and Baanx in-house, Exodus aims to become one of the few self-custodial wallets to control the entire payments stack, from crypto storage to card issuance.
“By bringing card and payments infrastructure in-house, we are closing the gap between holding and spending, and positioning Exodus as the only platform you need for your money,” CEO JP Richardson said.
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